The Baba Ramdev-led company has offered Rs 4,350 crore.

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Mumbai: Even as negotiations continue, Patanjali Ayurveda is willing to match Adani Wilmar’s offer for Ruchi Soya only partially, signalling an about-turn on its willingness to match the offer in full after Adani Wilmar decided to bow out.

The Baba Ramdev-led company has offered Rs 4,350 crore, including Rs 115 crore as equity infusion for the distressed edible oil maker, upping its offer from Rs 4,160 crore earlier, a source privy to the negotiations told ET. The equity infusion will be used to enhance operations of the company.

While the tentative new offer matches the amount Adani Wilmar offered to the secured and unsecured financial creditors, the equity infusion it offers falls way behind the Rs 1,700 crore equity infusion promised by the company for Ruchi Soya. The total offer by Adani Wilmar was Rs 6,000 crore.

“It seems at this point that Patanjali Ayurveda is not adhering to its word of “matching” Adani Wilmar's bid,” the person said. The committee of creditors are still negotiating with Patanjali and a meeting is expected to take place early next week.

“The requisite amount of capital will be infused,” a spokesperson for Patanjali Ayurveda told ET.

Last December, Adani Wilmar, the CoC-approved winning bidder for Ruchi Soya, had written to the lenders and resolution professional Shailendra Ajmera of EY, saying it wanted to withdraw its offer for the company as the closure of the resolution process involving debt of Rs 9,405 crore was experiencing many delays that was causing “deterioration of the asset” and that it was “detrimental to the stakeholders.”

After Adani Wilmar bowed out, Patanjali Ayurveda said it was the second highest bidder for the asset, expressed its willingness to acquire the company by matching the winning offer, if allowed to by the CoC and the RP.

With the largest oil seed extraction capacity in India of 3.72 million tonnes and 24 plants that manufacture edible oil, acquisition of Ruchi Soya will prove to be a big leg-up for Patanjali Ayurveda that plans to earn Rs 20,000 to Rs 25,000 crore revenues in the next 3-5 years.

Currently, on an application by the RP, Adani's plan has been withdrawn from the NCLT for approval and the time period spent on court proceedings has been excluded from the total deadline of 270 days.